Bitcoin soars above $1,100

Bitcoin has broken out to its best levels since the beginning of the year as overnight buying has the cryptocurrency higher by 4% at $US1,101.70 per coin.

Tuesday’s advance marks bitcoin’s eighth straight gain and has run action above the $US1,100 mark for the first time since January 5. A move above $US1,161.85 will have bitcoin trading at its best level since November 2013.

It rallied more than 20% in the opening week of the year, propelled by speculative buying in China. It then proceeded to crash 35%, bottoming out below $US800, amid concerns China was going to crackdown on trading.